Gold Market 260605

Jun 5 Gold Market Morning Snapshot​

SGE Spot $4,482.20 (~$17 LBMA Spot)
SFE Futures $4,481.56
LBMA Spot $4,466.17
COMEX Jun26 Futures $4,461.90 ($4.58 LBMA Spot @ last quote)
MCX Futures $4,290.35
IBJA PM Spot $4,289.65 (~$177 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened ~$4,500, closed ~$4,480, fell over night and has recoverde to ~$4,460 this morning.

EFP Spreads (ET)​

Spot price @ 06:56 : $4,466.17

Jun26 = -$4.58 vs -$4.68 Previously (spot @ 03:28 : $4,466.48)
Jul26 = +$10.46 vs +$10.92 (spot @ 06:52 : $4,466.74)
Aug26 = +$27.33 vs +$30.97

EFP Commentary​

Jun26 EFP spread holds negative (arbitrage opportunity to send gold to London/LBMA?).

India ​

MCX Jun26 [GOLD 1kg] : $5,047.47 (less 15% BCD+AISD = $4,290.35)
IBJA PM spot : $5,046.65 (less 15% BCD+AISD = $4,289.65)

China ​

SGE $4,482.20(no VAT)
SFE $4,481.56

SGE premium to LBMA spot = ~$16.60 (from ~$10)
SFE "premium" to SGE = -$0.64 (from $16.73)

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Jun 5 Gold Vaults (ozt)​

GLD36K
COMEX99K

COMEX withdrawals are currently ~3.7% of Jun26 delivery requests
COMEX 5 DMA run rate 2,611d (from 1,771d)

COMEX 6-3​

1K ozt (0.04t) in Loomis

101K ozt (3.1t) from Brinks (0.3K), HSBC (66K), StoneX (34K)

1.6K ozt (0.05t) moved from [R] to [E] in Loomis

COMEX Run Rate​

Remaining Vault Stock = 28.2M ozt (15.3M [R], 12.9M [E])

Net withdraw rate through last 5 days = 11K/day(from 16K/day)

Total vault stock run rate = 28.2M / 11K = ~2,611 (working) days(~131 months)

COMEX Jun26​

Jun26 contract cumulative deliveries = 27,928
Jun26 contract equivalent ozt = 2,792,800
Actual withdrawals in Jun ozt = 103,371.25

Jun withdrawals are now ~3.7% of Jun26 delivery requests.

COMEX Commentary​

Wednesday's 99K ozt net withdrawal replaces a slightly larger 125K net withdrawal in the 5 DMA window so the withdraw rate shrunk slightly.

GLD Assets​

World Gold Trust Services:600K shares
JPM:36K ozt (1.1t)
HSBC:ozt
ozt/shares ratio 0.091990 (from 0.091938)

GLD is nothing but outflows for at least seven days in a row now.

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Previous report: https://www.pmbug.com/threads/gold-market-260604.8992/